“The U.S. healthcare system could reduce costs by $332 billion over the next 10 years if healthcare providers update their technology,” says a new report from UnitedHealth Group. 

The report estimates administrative savings by the following 3 strategies. 

• The use of common technology and information standards, with enhanced interoperability and connectivity
• The use of advanced system-wide techniques to improve payment speed and accuracy
• Streamlined provider credentialing, privileging and quality-designation processes

Two options from the strategies stood above the rest, giving the largest estimated savings.

• By using common technology and information standards; the option that proposes the elimination of paper checks and paper remittances in favor of electronic funds transfer and electronic remittances was estimated to save $109 billion, by far the biggest savings.
• By using advanced system-wide techniques to improve payment speed and accuracy; the option that proposes using predictive modeling to pre-score claims would save an estimated $47 billion.  

UnitedHealth estimated that these actions would generate administrative savings, of which 50 percent would go to hospitals and physicians, 30 percent to commercial payers and 20 percent to Medicare and Medicaid. However, UnitedHealth says the government could institute policies to take a larger share to help pay for reform programs.

ECP and other companies like ours have been providing for years what the United Healthcare report has found.  ECP’s Electronic Claims Submission and other services have been providing savings to medical practices by improving payment speed and accuracy since 1990.  Please contact us for advice on how you can eliminate your paper claims and receive ERAs, electronic funds transfers, credentialing services, and more.